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Hi @Palomarivero!
A qualifying individual for the child and dependent care credit is:
You can claim a parent or another relative as a dependent. However, you and your parent or relative must meet all of these conditions:
Child care or dependent expenses that can be considered tax deductible typically fall under the Child and dependent care credit some of the key expenses that may qualify:
529 plans are a popular way to save for college as they may provide some tax advantages and flexibilities. There are two primary types of 529 plans:
Contributions to 529 plans grow tax-deferred and can be withdrawn tax-free when used for qualified education expenses such as tuition and fees, room and board, books and supplies. Many states also offer deductions or credits on your state tax return for contributions to their 529 plans. Contributions are not deductible on your federal tax return.
To answer your last question, it is possible that your adult in-law qualifies you for an Other Dependent Tax Credit. For 2023, the maximum credit amount is $500 for each dependent who meets certain conditions. This credit can be claimed for:
Keep in mind that the credit phases out after your income reaches a certain thresholds.
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